All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns


The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said.

All Crypto Exchanges Could Be Shut Down in South Korea

At the general meeting of the National Assembly’s Political Affairs Committee last week, The Korea Times quoted Chairman Eun as saying:

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All of the nation’s 200 cryptocurrency exchanges could be shut down after September once a special financial law takes effect.

Chairman Eun explained that cryptocurrency exchanges are required to be registered with the FSC under the revised Special Funds Act (Act on Reporting and Using Specified Financial Transaction Information). “We are now accepting applications for them to officially register their business by the timeline, but no exchange operators have applied to date,” he revealed. Since no companies have been registered, he warned that “They could be shut down

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